Astaxanthin Market by Source (Synthetic and Natural), By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid), Application (Food & Beverages, Pharmaceutical & Nutraceuticals, Animal Feed, and Personal Care), and Region (North America, Asia-Pacific, Europe, South America, and the Middle East & Africa) Forecast till 2023 2031
The global astaxanthin market size was valued at USD 1,942.12 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.9% from 2023 to 2031. Due to astaxanthin's special antioxidant characteristics, the global nutraceutical market for encapsulated products has experienced a boom. Astaxanthin is said to have a number of positive health effects and aid in the treatment and prevention of a number of illnesses, including cancer, chronic inflammatory diseases, metabolic syndrome, diabetes, diabetic nephropathy, cardiovascular diseases, gastrointestinal disorders, liver disorders, neurodegenerative disorders, eye disorders, skin disorders, exercise-induced fatigue, male infertility, and renal failure. It is also thought to strengthen immunity. The global astaxanthin market is a member of the xanthophyll family of carotenoids, which are found in marine plants and animals. It is also known as "the king of the carotenoids" and is acknowledged as one of the most powerful astaxanthin substances in nature. The highest concentration of astaxanthin is found in Pacific sockeye salmon, but it is also present in crab, algae, shrimp, krill, red trout, and lobster. Astaxanthin, Haematococcus pluviailis (HP), is used in commercial production and hybrid systems for photoautotrophic cultivation of Haematococcus pluviailis, comprises a photobioreactor (PBR) fence.
COVID-19 Impact Analysis
The global pandemic, COVID-19, has created a crisis the world over. Impacting over 200 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of a global recession. The COVID-19 outbreak has completely changed the lives of people across the globe, with the number of cases rising rapidly every day. The COVID-19 impact across industries is different; amid the constant fear and panic of the pandemic COVID-19, consumers are highly concerned about keeping a check on their health. In the current scenario, though the vaccination rate is steadily increasing across the world, it has become important to boost immunity to fight coronaviruses, along with maintaining hygiene and following all medical advisories that have been laid down.
REPORT SCOPE & SEGMENTATION:
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Report Attribute |
Details |
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Projected Market Value (2031) |
1942.12 million |
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Estimated Market Value (2022) |
6.95 Billion |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Growth Rate |
CAGR of 17.9% from 2023 to 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Source, product, Application, Region |
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Segments Covered |
By Source, By product, By Application, and Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Pricing |
Available upon request |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Segment Overview
By Source
The natural segment, which held the largest revenue share in 2022, is anticipated to grow at a rapid CAGR (17.9%) during the forecast period owing to advantages such as high efficacy and sustainability. Furthermore, factors such as increased demand for natural food supplements, widespread availability, and higher efficacy when compared to synthetic products are expected to drive segment growth. Moreover, increasing the involvement of key market players, such as NextFerm and Beijing Gingko Group, in the development of innovative products and application expansion can create new market opportunities in the coming years.
By product
Dried algae meal or biomass dominated the product segment in 2022 with a market share of 26.40%; the use of biomass for the production of other formulations, the necessity of minimal downstream processing, the major use as animal feed, and convenient bulk production are some key factors driving the segment’s growth. Furthermore, AstaPure Arava's new product launches in February 2020 demonstrated the growing demand for algal astaxanthin. These new developments are expected to drive the segment; similarly, in May 2022, Algalif signed an agreement with a start-up company, Marea, to develop a biodegradable coating from leftover algae biomass, where the softgel segment held the second-largest market and is expected to grow at a lucrative rate during the forecast years.
By Application
The major market share of the aquaculture and animal feed segments is accounted for by the extensive use of astaxanthin as a feed additive, an increase in the adoption of these products in the growing aquaculture industry for improving the quality of seafood is contributing to the segment’s significant share in the market. For instance, according to China’s Fishery Reports, China remained the world’s largest seafood producer with a production of 66.49 million metric tons in 2021. Leading players are developing astaxanthin products for animal feed that have medical benefits for instance, in July 2022, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. With this launch, the company expanded its options for health-promoting feed applications.
Major Players Analysis
The global astaxanthin business is primarily characterised by a large number of multinational players. An approximate share of 36% to 41% is held by companies with a global presence. Key manufacturers are targeting their product offerings, especially toward manufacturers operating in the aquaculture and animal feed industries. Additionally, players are also offering astaxanthin for use in the pharmaceutical, food and beverage, and other industries.
The above-mentioned key players have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments.
Regional Analysis
North America is seen as one of the major key market regions for astaxanthin consumption, and the region's growing aquaculture trend has led to an increase in astaxanthin popularity. Countries such as the United States and Mexico have a large consumer base that prefers seafood and animals, which require astaxanthin as an ingredient for processing their functional foods and other dietary supplements for consumers. The aquaculture industry is one of the fastest-growing industries in the region, which indicates growth in the consumption of astaxanthin in the global astaxanthin market.
Key Developments in the Astaxanthin market
Segments Covered in the Report
By Source Type
By Product Type
By Application
Regional Outlook
Asia Pacific
Europe
North America
Middle East and Africa
Latin America
Questions and Answers About This Report:
Q1. What is the global astaxanthin market growth
Q2. What will be the impact of COVID-19 on global astaxanthin market growth
Q3. What are the significant applications of the astaxanthin market
Q4. Who are the key players in the astaxanthin market
Research Methodology
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Data Collection
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Primary Research
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Secondary Research
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Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
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Quality Checking & Final Review
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